The Singaporean prime minister, Lee Hsien Loong became as soon as just recently enviornment to a rip-off that involuntarily had him fervent. A member of the BitClout platform had reportedly worn the title of the prime minister in recount to pocket some easy money. The individual offered counterfeit tokens price over $10,000. The reliable revealed that the scammer had made order of the info on hand on his Twitter story to sell tokens on BitClout. Loong went on to asset that he had nothing to salvage with BitClout and all the order became as soon as reportedly shunned his permission.
While this story became as soon as rapidly taken down, Loong took to Facebook and requested Singaporeans to conclude alert against any that that it is possible you’ll maybe well presumably imagine scams practically about crypto platforms. The publish addressed to his 1.6 million followers learn,
“I surely indulge in discovered that my Twitter profile (and others as well) has been worn with out my permission or records on a blockchain platform that enables customers to determine on and speculate with its proprietary cryptocurrency. [….] I abet every person to live vigilant when facing cryptocurrency platforms.”
Singaporean Financial Regulator Steps In
The Financial Authority of Singapore [MAS] decided to deal with this. Tharman Shanmugaratnam, the Chairman of the monetary watchdog went on to order the hazards taking into consideration shopping and selling cryptocurrencies. Volatility has been a necessary ache of the crypto industry. Citing the same, Shanmugaratnam urged that the price of crypto is rarely any longer linked to any financial fundamentals, which extra makes them extremely volatile funding products. This would extra no longer be very feasible for retail traders, he added.
Moreover, the Chairman affirmed that MAS would be obvious to alert Singaporeans regarding the perils of investing in the crypto industry, to guide positive of any that that it is possible you’ll maybe well presumably imagine losses. He added,
“The crypto resources dwelling is constantly evolving. MAS has been carefully monitoring traits and can continue to adapt its principles as wished to be obvious that that regulation stays effective and commensurate with the hazards posed. Investors, on their fragment, must indifferent order inaccurate caution when shopping and selling cryptocurrencies.”